Minister of Finance Lou Jiwei said when delivering a report on the implementation of the financial budget that for the first seven months of 2013, the public revenue amounted to RMB8.04 trillion, up 8% year-on-year. The growth rate receded 3.6 percentage points mainly due to the slowdown of economic growth, the implementation of structural tax reduction, the decrease in factory prices of industrial producers, etc. The public expenditure rose 8.9% to RMB6.91 trillion, which has provided a solid support for the expenses in key areas such as the improvement of livelihood.

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